Jet Airways Founder Naresh Goyal Remains in Custody Until September 11
MUMBAI, India – Naresh Goyal, the founder of Jet Airways, will remain in the custody of India’s financial crime agency until September 11, according to a press statement released by the Enforcement Directorate (ED) on Saturday.
Goyal was arrested by the ED late on Friday as part of an investigation into an alleged bank fraud case filed by state lender Canara Bank. The bank had accused Goyal, his wife, and a former airline director of causing significant financial losses.
The case revolves around a bank fraud of 5.38 billion Indian rupees ($65.06 million), but the losses to a consortium of nine lenders are much larger, amounting to 59.6 billion Indian rupees ($720.78 million), as stated by the ED.
Jet Airways, which was the second largest carrier in India by market share, shut down its operations in April 2019 due to a lack of funds. Goyal founded the airline in 1992.
The ED’s investigation revealed that under Goyal’s leadership, Jet Airways diverted funds to overseas entities in tax havens such as Dubai, Ireland, and the British Virgin Islands. The agency stated that approximately 10 billion Indian rupees ($120.94 million) were used for the personal expenses of Goyal and his family members under the guise of professional and consultancy fees.
Jet Airways has not yet responded to requests for comment, and Goyal has not made any public statements regarding the case.
The court’s decision to extend Goyal’s custody comes as the ED continues its investigation into the alleged bank fraud. The agency aims to uncover the full extent of the financial irregularities and hold those responsible accountable.
($1=82.6887 Indian rupees)
Reporting by Jayshree P Upadhyay and Aditya Kalra
Editing by Tomasz Janowski and Ros Russell
How does the concept of “giving up” tie into the principles of positive accountability and taking ownership of one’s actions?
Yes, giving up can be seen as taking the easy way out and avoiding facing challenges or problems. It can be seen as lacking determination or perseverance to overcome obstacles and achieve goals. Instead of giving up, it is often encouraged to keep pushing forward, learn from failures, and find alternative solutions to problems.
This ruling seems to indicate that Naresh Goyal’s legal troubles are far from over. It will be interesting to see how this situation unfolds in the coming days.